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Severosklo glass manufacturer posts profit despite falling sales

The Severosklo glass manufacturer of the Czech Republic ended 1999 with a profit of Kcs 3.2 million despite its sales falling year-on-year by some 20% to Kcs 56.25 million, compared with the 1998 loss…

The Severosklo glass manufacturer of the Czech Republic ended 1999 with a profit of Kcs 3.2 million despite its sales falling year-on-year by some 20% to Kcs 56.25 million, compared with the 1998 loss of Kcs 8 million on sales of Kcs 70.57 million, said the company“s director Josef Arnost. Arnost blames the falling sales on the collapse of the Russian market which has forced the company to close down its decorative glass plant in Svor last June, resulting in a cut in the company“s staff from 140 to 90. Consequently, since last July Severosklo has concentrated on the production of welders“ protective glass, of which it is one of the three leading world producers, having made Kcs 43.5 million in 1999. The company exports its products to some 45 countries, above all to the European Union and Eastern Europe. Severosklo, with share capital of Kcs 38.301 million, is dominated by the Le cygne sportif group with 47.93%.

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